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rusty70f100 has the right answer. Cylinder taper will determine whether you can successfully re-ring without an overbore or not. I sure as heck would not pull a motor and do all that work without a re-build. Basically if it runs good and has compression leave it be.
Well, lets see, I pulled the 390 from my 68 Merc, and all I did was run a glaze breaker through the bores, re ring it along with new bearings, cam, lifters, etc and so far after a year's time. everything's peachy with it, doesn't smoke, burn oil, no excessive blowby. No problems whatsoever, and never once did I check the bore's taper. If it doesn't have a ridge at the bores tops, a re-ring will be fine. Just use cast iron rings or moly faced top rings. No chrome rings--- ever ( don't even know if they even still make em anyway) Pushes the car to mid 14's too.
Usually you can get away with a re-ring. The only drawback is, the more bore taper you have the quicker the rings will wear out and you'll be back to square one. Ford recommends a maximum of .005" bore taper. I'd say if it's more than .003" get it bored oversize.
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